Credit rating agency, CARE has upgraded rating of Jindal Stainless’ long term bank facilities worth Rs 11,047.09 crore to ‘C’ from ‘D’. The rating agency has also upgraded rating of the company’s short term bank facilities worth Rs 6,245 crore to ‘A4’ from ‘D’.
The revision in the ratings takes into account the restructuring of the company’s domestic debts as well as its foreign currency debts. The ratings also take cognizance of gradual ramping up of operations of the company’s Orissa plant and healthy operational efficiency of its Hissar plant.
Jindal Stainless manufactures stainless steel slabs, blooms, hot rolled and cold rolled coils, 60% of which are exported worldwide. It has a stainless steel making facility at Hissar and a ferro alloy plant at Vizag.
